Binance Launches Loans Service – How To Use Binance’s Loans Service?
About Binance Loans Service
Binance has launched the Binance Loans service to satisfy users’ funding requirements, requiring Binance users to pledge corresponding digital assets as collateral to borrow loans.
Using the Binance Loans service, users will be able to:
- Leverage existing crypto assets as collateral for loans
- Borrow from a large range of crypto assets
- Select from a range of varying loan periods
- Get low-interest rates
- Receive instant approval
Binance Loans service will support the borrowing of several cryptos, including BUSD and USDT and use of several cryptos as collateral, including BTC and ETH.
Interest is calculated daily, and less than one day is calculated as one day. The interest rate is determined by the date you make the Loans. And You have to repay the interest before the principal.
Also, You able to repay in advance without commission fee. At the same time when the principal is returned, the interest will be charged according to the actual number of day.
From now until 2020/04/14 0:00 AM (UTC), all users of the Binance’s Loans service, across any of the below-mentioned loan periods, will receive a 20% discount on the daily interest rate, with the lowest rate being 0.0224%.
|Daily Interest Rate||7 days||14 days||30 days|
* Visit the “Binance Loans Service data” page for further details.
How To Use Binance’s Loans Service?
Tutorial to using Binance Loans service as below:
How to borrow?
Login Your Binance account, click the【Earn】from the navigation menu, select【Crypto Loans】to start borrowing:
- Select the crypto asset you want to borrow and enter the borrowing amount.
- Choose a collateral asset and enter a collateral amount.
- Choose a loan term.
- After confirming the amount of interest and repayment amount, click “Start borrowing now” to enter the order page.
5. Confirm the order details, read and agree to the Binance Loan Service Agreement and click “Confirm” to borrow.
How to check loan orders
– Select【Orders】-【Loan History】from the navigation menu then click on “Orders” and select “Loan History” to review the history of all loan orders
How to make full repayment（includes：full prepayment）
– After login Binace account, select【Wallet】from the navigation menu then click on “Loan Orders” and select “Repay”
– Enter full “Repayment Amount”, or
– Select “100%” repayment.
– Click on “Confirm repayment”
– Note: Please ensure that You have enough cryptocurrencies in Your spot wallet to repay the interest and the principal. After full repayment, the full amount of collateral will be returned to Your spot wallet.
How to check repayment history
– Aelect【Orders】-【Loan History】from the navigation men then click on “Repayment History” to check the history of all repayment status
How to remove collateral after partial payment
If part of the loan is returned in advance, the system will not automatically refund the corresponding collateral deposit. Please remove the collateral deposit manually as follows:
– Login Your Binance account, select【Wallet】from the navigation menu then click on “Adjust LTV”. and select “Adjust LTV”.
* LTV is the value of your Loan Asset + Accumulated Interest to the value of your collateral. The price used here is Index Price. Different collateral coins have different initial LTVs, which means when you use different coins as collateral of the same value, the Loans you make are of a different value too.
– Slide the LTV bar to increase the LTV rate, or select “Remove” and manually enter the collateral amount to be removed
– After the above steps are completed, the LTV rate will be adjusted accordingly. Please ensure that the rate is below 65% after adjustment.
– Click on “Remove collateral” to confirm.
How to adjust LTV
– Login Your Binance account, select【Wallet】from the navigation menu then click on “Loan Orders” and select “Adjust LTV”
– Slide the LTV bar to adjust the LTV rate, or select “Add” or “Remove”, and manually enter the collateral amount.
– Click on “Add collateral” or “Remove collateral” to confirm
If You want to find more information about Binance loans service, You can read this article
Binance Launches Loans Service – How To Use Binance’s Loans Service? – By Cryptokiemtien